Eldorado Exploration to Drill in New Mexico

Eldorado Exploration expects to commence drilling the Mesa gas prospect in Roosevelt County, N.M., in late June 2006. The drilling permits and other work needed before drilling have already started.

The Mesa prospect is on a PIP-identified Pennsylvanian Carbonate Reef that is over 25,000 acres in size. The company and its partners have over 11,000 net acres under lease over the heart of the structure. The possible reserves could be over 1 trillion cubic feet of recoverable gas, which at today's price of $8 per MCF would equate to $8 billion. Eldorado Exploration has a net 35 percent working interest in the well and surrounding acreage.

Passive Induced Polarization (PIP) is a proprietary process that uses a sensor unit, which becomes polarized over a hydrocarbon deposit. PIP identifies the presence of hydrocarbons with a high degree of accuracy and the relative strength of the signal is an indicator of the volume of oil or gas. Drilling records of nearby wells, seismic and PIP were all used in identifying the Mesa prospect. GeoSurveys invented and owns the PIP process and is a partner in the Mesa prospect. They will also operate the field if the well is successful.

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